The much-anticipated Gateway International Agro-Cargo Airport in Ogun State is officially set to begin operations on October 7, marking a significant milestone in Nigeria’s aviation and transportation sector. The inaugural flights will be operated by Nigerian carrier ValueJet, which has confirmed it will begin with a twice-weekly service connecting the new facility to major domestic routes. Ogun State Governor Dapo Abiodun disclosed the development while speaking on the state’s progress in positioning itself as a major aviation and logistics hub. According to him, the airport is not just a transportation project but also a cornerstone for agricultural, industrial, and economic…
Author: Temitope N.
Fuel marketers and industry stakeholders are experiencing mounting difficulties as the shutdown of the Port Harcourt Refinery drags on, leaving many without access to refined petroleum products and deepening financial strain across the downstream oil sector. Though officially labeled as a routine maintenance exercise, sources within the host communities and petroleum product retail associations have described the ongoing refinery shutdown as a cover for deeper issues, including a lack of crude oil supply to the facility. According to them, the Port Harcourt Refinery had already ceased operations weeks before the formal announcement of maintenance due to an alleged scarcity of…
The Federal Airports Authority of Nigeria (FAAN) has announced plans to implement cashless payment systems at the Murtala Muhammed International Airport (MMIA), Lagos, and the Nnamdi Azikiwe International Airport (NAIA), Abuja, as part of its modernization drive to enhance transparency, accountability, and efficiency in airport operations. The initiative is expected to kick off before the end of the year and will serve as a pilot phase for a nationwide rollout. According to FAAN management, the adoption of cashless transactions will align the nation’s airport operations with global best practices, reduce leakages in revenue collection, and improve the ease of doing…
Champion Breweries Plc has secured shareholder approval to raise ₦45 billion in fresh capital as part of its strategy to scale operations, enhance competitiveness, and reposition the company for long-term growth. The decision was reached at the company’s Extraordinary General Meeting (EGM), held in a virtual format, where investors overwhelmingly supported the capital injection plan. The approved funds are expected to be raised through a combination of debt instruments, including bonds, notes, and other forms of capital market securities. According to the company’s board, the capital raise will be executed in tranches, with flexibility to explore both local and international…
Heirs Energies has restated its dedication to unlocking value in Nigeria’s oil and gas industry, underscoring its strategic role in shaping the country’s energy future. The company, one of the leading integrated energy firms in Africa, emphasized that its long-term vision remains centered on maximizing Nigeria’s vast hydrocarbon resources while aligning with global standards of sustainability and innovation. Speaking at a recent industry engagement, company executives highlighted that Heirs Energies has consistently positioned itself as a forward-looking operator capable of driving efficiency and delivering value across the oil and gas value chain. They noted that Nigeria’s energy landscape is undergoing…
The Lagos Chamber of Commerce and Industry (LCCI) has set its sights on attracting one million participants to its forthcoming annual trade fair, marking what is expected to be one of the largest and most significant editions of the event in recent years. The chamber, which organizes the Lagos International Trade Fair (LITF), announced that preparations are in top gear, with a focus on creating a platform that not only promotes commerce but also drives innovation, partnerships, and investment opportunities across various sectors of the Nigerian economy. The Lagos International Trade Fair, known as the largest business and trade exhibition…
Mastercard has entered into an expanded partnership with Smile ID, a leading pan-African identity verification company, to boost the development of secure and scalable digital identity solutions across the continent. The collaboration is aimed at addressing the growing need for trusted digital identity systems that can foster financial inclusion, combat fraud, and support Africa’s rapidly evolving digital economy. The deal comes at a time when African nations are accelerating digital transformation efforts, with governments, regulators, and private sector stakeholders placing greater emphasis on identity infrastructure to drive economic growth. Mastercard, known globally for its role in advancing digital payments and…
Guaranty Trust Holding Company (GTCO), the parent company of Guaranty Trust Bank, has announced that its total assets have surged to N16.7 trillion, marking one of the most significant asset growths in Nigeria’s financial sector. The new figures reflect the bank’s ability to sustain resilience in a challenging macroeconomic environment, while also underscoring the positive momentum within the Nigerian banking industry as institutions expand their balance sheets despite inflationary pressures, currency fluctuations, and rising operational costs. The achievement comes at a time when banks in Nigeria are navigating multiple headwinds, including high interest rates, regulatory adjustments, and evolving customer needs.…
The Central Bank of Nigeria (CBN) has announced a reduction in interest rates, a move it says is intended to stimulate economic activities and ease borrowing costs for businesses across the country. The development has been welcomed by segments of the private sector, although members of the Organized Private Sector (OPS) insist that the real impact will only be felt if the policy translates into improved access to credit and lower lending rates from commercial banks. The CBN’s latest decision comes against the backdrop of declining inflation, a stabilizing foreign exchange market, and stronger foreign reserves, which have given policymakers…
Unity Bank Plc has reached a major milestone in its restructuring journey as shareholders officially approved its planned merger with Providus Bank Limited. The decision, endorsed at an extraordinary general meeting held in Lagos, marks a new chapter in Nigeria’s banking sector, signaling one of the most significant consolidation moves in recent years. The merger is designed to strengthen Unity Bank’s financial position, enhance operational efficiency, and create a more robust financial institution capable of competing effectively in Nigeria’s increasingly competitive banking landscape. By joining forces with Providus Bank, Unity Bank aims to improve its balance sheet, expand its product…
The Nigerian National Petroleum Company Limited (NNPC) has reported a significant revenue boost, hitting ₦4.65 trillion in August 2025 despite challenges posed by declining crude oil output. The latest figures highlight the resilience of the state-owned energy giant in the face of persistent operational hurdles, including pipeline vandalism, oil theft, and underinvestment that have strained Nigeria’s oil and gas sector for years. According to industry updates, the revenue surge was largely driven by higher crude oil prices in the international market, refined product sales, and improved efficiency in revenue collection across the company’s business arms. Analysts suggest that NNPC’s diversification…
The National Pension Commission (PenCom) has issued a new directive requiring pension fund operators (PFOs) to report all dollar-denominated pension contributions or benefits exceeding US$10,000. The move is part of broader measures aimed at strengthening oversight, enhancing transparency in cross-border pension transactions, and curbing potential abuses in the pension sector. Under the new rule, any pension payments, disbursements, or holdings in foreign currency that surpass the US$10,000 threshold must be documented and submitted to PenCom. Operators are expected to provide details such as the beneficiary, the source of funds, the exchange rate applied, and the rationale for the foreign currency…
The Nigerian National Petroleum Company Limited (NNPCL) has announced that its planned re-entry into the Ogoni oilfields in Rivers State will be conducted under the principles of justice, equity, and transparency. The company emphasized that the renewed effort to resume oil production in the area will not repeat the mistakes of the past, where decades of environmental degradation, neglect, and conflict strained relations between host communities and oil operators. Speaking on the issue, NNPCL officials explained that the company recognizes the historic sensitivities surrounding oil exploration in Ogoniland. They stressed that the focus this time is to ensure the people…
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has announced the suspension of gas and crude oil supply to the Dangote Petroleum Refinery, citing unresolved disputes that have strained relations between the union, government agencies, and the refinery management. The decision, revealed after an emergency meeting of the association, has raised concerns about possible disruptions in the supply of refined products across the country. PENGASSAN, one of Nigeria’s most influential oil and gas unions, said its action followed months of unresolved grievances bordering on workers’ welfare, regulatory compliance, and operational disagreements with the refinery. The association noted…
The Dangote Petroleum Refinery has temporarily suspended the sale of petrol in naira, a move that has generated intense discussions across Nigeria’s energy and financial sectors. The decision, confirmed by industry sources late Wednesday, marks a major shift in the way the refinery engages with marketers and could have far-reaching implications for fuel supply, pricing, and the wider economy. This suspension comes barely months after the refinery commenced petrol sales to the domestic market, with many viewing it as a relief to the country’s foreign exchange pressures and a step toward energy independence. However, stakeholders now worry that halting naira-based…
First City Monument Bank (FCMB) has expanded its SheVentures loan pool to N1 billion, reaffirming its commitment to supporting women entrepreneurs across Nigeria and promoting gender-inclusive growth. The initiative, designed to provide financial and business support to women-owned small and medium-sized enterprises (SMEs), marks a significant boost for female entrepreneurs who often struggle with limited access to funding and growth opportunities in the country’s competitive business landscape. Announcing the expansion, FCMB management explained that the increase from its previous funding pool underscores the bank’s recognition of women as crucial drivers of economic development. The SheVentures programme offers zero-interest loans, capacity-building…
Minister of Marine and Blue Economy, Adegboyega Oyetola, has declared the maritime sector a top priority for Nigeria’s economic diversification and long-term development, stressing that it holds the potential to generate significant revenue, create millions of jobs, and boost the country’s global competitiveness. Speaking during a recent engagement with industry stakeholders, Oyetola emphasized that the government is committed to unlocking opportunities in shipping, port development, inland waterways, and associated services, as part of efforts to strengthen non-oil revenue streams. The minister noted that Nigeria’s strategic geographic location, with its extensive coastline and proximity to key international trade routes, makes it…
The Nigerian Exchange (NGX) has disclosed that domestic investors accounted for transactions worth ₦5.46 trillion between January and August 2025, highlighting a growing shift in market participation amid fluctuating foreign interest. This surge reflects increasing confidence in Nigeria’s capital market despite economic headwinds, currency volatility, and global uncertainties. According to NGX’s latest market data, domestic participation far outweighed foreign transactions during the eight-month period. Analysts suggest that the trend signals renewed trust by local institutional and retail investors, particularly at a time when the Central Bank of Nigeria (CBN) is rolling out reforms to stabilise the naira and tame inflation.…
The Nigerian National Petroleum Company Limited (NNPCL) has secured ₦318 billion in funding to boost new oil exploration projects across the country, a development that marks a significant step in the government’s drive to expand Nigeria’s hydrocarbon reserves and strengthen its energy security. The announcement has sparked discussions in both policy and industry circles, as stakeholders view the move as a bold statement of intent by NNPCL to revitalise exploration efforts at a time when the global oil market is undergoing major shifts. The funding is expected to finance a series of upstream exploration and appraisal activities across key oil…
Nigerian banks are bracing for fresh challenges as the Central Bank of Nigeria (CBN) rolled out new liquidity requirements that are already reshaping the financial landscape. The apex bank, in its latest policy move, raised the Cash Reserve Ratio on certain public sector deposits to an unprecedented 75 percent while lowering the reserve ratio on private sector deposits from 50 to 45 percent. This twin action has stirred mixed reactions across the banking industry, with analysts warning of tighter margins and stiffer competition for deposits in the months ahead. The CBN’s decision marks a strategic shift aimed at reducing the…